Recently, a few trends have begun to emerge regarding the BRC-20 token being created on the Bitcoin network. In this article Weakhand will give everyone instructions for buying and selling BRC-20 tokens on the Bitcoin network.
Related articles:
- Crypto Panorama 101 | Episode 1: Introduction to Blockchain and Crypto
- Crypto Panorama 101 | Episode 2: What is Bitcoin?
- Crypto Panorama 101 | Episode 3: Understanding Ethereum
- Crypto Panorama 101 | Episode 4: Understanding Smart Contracts
What is BRC-20 Token?
The BRC-20 standard is an experimental fungible token built using Ordinals and Inscriptions on the Bitcoin Blockchain network. Simply put, this is a JavaScript Object Notation (JSON) file implemented as a token contract, allowing users to mint and transfer tokens.
Different from tokens created on EVM Blockchains that everyone is very familiar with, where each token has a different smart contract that allows for the creation of different mechanisms and rules. The BRC-20 standard is quite simple as it is just a script file with only one rule to allow token transfers between different wallets.
The reason to simply explain the rudimentary nature of this BRC-20 token standard is probably because storing data on tens of thousands of nodes of the Bitcoin network will cost a lot if a token with a complex smart contract The file has a capacity of up to several MB.
Instructions for Buying and Selling BRC-20 Tokens on the Bitcoin Network
Step 1: Create Unisat wallet
- Visit a convenience store.
- Proceed to create a Bitcoin wallet on Unisat and safely store the characters.
Step 2: Withdraw BTC to wallet
To trade on the Bitcoin network, people are required to need BTC as a fee, so people can buy BTC on centralized exchanges like Binance, OKX, etc. then withdraw to the newly created Unisat wallet. .
Step 3: Mint BRC-20 tokens
- Visit: https://unisat.io/inscribe
- Select brc-20 to mint or deploy any token with a transaction fee of about $5 per mint.
- People can also mint Weakhand’s experimental tokens on the Bitcoin network with the code HAKR (maximum 1000 tokens per mint).
Step 4: Buy and sell BRC-20 tokens
- Visit: https://unisat.io/market
- Proceed to buy and sell tokens with the common currency SATS (Satoshi) with each BTC equal to 100,000,000 SATS.
- To buy and sell tokens, people need to have at least 20 transactions in step 3.
Summary
Above is a guide to buying and selling BRC-20 tokens on the Bitcoin network from Weakhand. Because this token standard is still very new, the risk of encountering security holes is not small, everyone participating in using and investing needs to pay attention to strict capital management.
